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Calculating Net Pay/Tax Deductions?

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  • Calculating Net Pay/Tax Deductions?


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Answer #1 | 25/11 2013 04:40
And you did fill out one of these and signed it and returned it to your employer when you did start working at this job as a employee during the 2013 tax year W-4 Employee's Withholding Allowance Certificate. When you do you fail to have enough FIT amount withheld out of your GROSS wages earning out of each pay period to cover your FIT liability during the next FIT tax filing season and you could end up Owing and amount of FIT liability that you would have to send in at that time during the tax filing season for that purpose along with your 1040V and the 1040 income tax return. Go to the www.irs.gov website and use the search box for the W-4 Employee's Withholding Allowance Certificate Very simple and easy fill in the W-4 correctly and completely and just claim Single and -0- ZERO Allowances sign the completed W-4 form make a copy for your records and give the other signed copy to your employer for the 2013 Tax year federal income tax withholding amounts out of your gross wages earnings amount if ANY amount is required for your FIT for this purpose. And then if they should withhold any amount of $$ out for the FIT amount as an estimated advance payment of any possible income tax liability that you might have when you correctly complete your 1040 income tax return during the next income tax filing season and you receive your W-2 form from your employer around the middle of January for the past tax year and if you have a $$ amount in the Box 2 for FIT you will get a credit for that $$ amount on your 1040 income tax return and might qualify to get some are all of the withheld amount back as a REFUND amount when you correctly complete your 1040 income tax return print a copy for your records and sign the copy to send to the correct IRS address for processing. www.irs.gov/pub/irs-pdf/fw4.pdf Hope that you find the above enclosed information useful. 11/25/2013

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